I am such an idiot! When will I learn?

mamato3

Hey there, hope you don't mind if I follow your journey! Good luck with everything!

judi24

Ok I have been off playing with snowball calculators and budgets and I have come up with a bit of a plan!!!


This month, by the time I have paid my car insurance in full and the last £75 of my DS school trip I will have reduced the NW OD by £350.
That leaves my OD total accross 3 accounts to £1740
I then plan to pay that amount off by the end of the year menaing that each month (4 months)I need to pay £435 whilst still paying £500 to the loan and 3 CC's
After Christmas I will then put the extra £500 to the CC's and according to snowball calculator that should take me 14 months so will be CC and OD free by Feb 2016. I want to get that down to 12 months so If I can increase my DD2 household contribition to £150 and save a further £50 I will be just about be able to manage it!


The loan will have another few months to run as it finishes in July 2016 - so will put the extra £750 away once all CC cleared and pay loan off slightly early so aiming for a Debt free Date of March 2016!!!


This plan leaves me with approx £800 a month for food, fuel, pet stuff, emergency fund, kid related expenses, entrtainment, christmas and birthday presents and holidays - which should be do able!

gfplux

Hello Judi24,
I just wanted to come back to the spend on presents.
Have you considered that this is a bad example to be setting your kids. You may be sending them down the road of debt!
Spending £400 on a 22 year old. Ok perhaps she need household appliances etc. As parents we all like to set up our kids.
Spending £400 on a 21 year old that pays you £1200 a year! Perhaps the present should be cash put in a bank account for when she moves out.
Frankly if you are spending that amount on the two little ones I am sure you buy them other expensive things outside of Christmas and birthdays.

judi24

No problem Mamato3 - it might not be a very exciting journey but I am sure there will be plenty of ups and downs - feeling very motivated at the moment - but i have felt like this before and still not managed to stay the course!
I have no patience and want everything yestersday - which is probably how I end up in debt! but I guess this is not going to be fixed overnight (unlessi win the lottery of course - but I'd need to buy a ticket first!)


And to be honest this is no longer simply a quest to be debt free - its an attempt to become more frugal for ever so I can realise my dream of retiring early and working part time and at the same time educating my kids about money. We live in such a wasteful society and I want my kids to be able to choose a different lifestyle and have the skills and resources to do that.

judi24

Hi Gfplux - I agree with you- I do need to spend alot less on them - and I don't set out to spend £400 - to be honest I don't really know how much I have spent in the past. I guess they have had bikes, game consoles etc my DS last year got a laptop that was £300 but it was his first year at secondary school so thought he could use it for school work etc. I usually buy a main present that is around £100-150 and then bits - but its the bits that need to go!! and book, a DVD, perfume, make up, underwear etc etc. I know this can and will be reduced. My younger 2 essentially have 2 christmases as they get more gifts when they go to thier dads too.


But they really don't get expensive things bought for them at other times of the year


This year I would like to get DD2 driving lessons and was thinking about offereing to pay towards DD1 car insurance as I know she will struggle next year now she lives on her own.


The younger 2 - DD3 would like a phone so was going to get my old Galaxy S3 repaired as it is still insured and then put a pay as you go sim in it for her - she will then be able to use it like an ipod.
As for my DS well he is asking for paintballing stuff but its so expensive!!!!


The only other person I really buy for is my Mum. I did do a hamper for her one year but to be honest I didn't think she liked it much! I tried really hard with lots of Boots bits bought with vouchers etc and chocolates and food gifts - and in the end I bought her a camera (using boots points which shows how much I spend in boots!!)as that is what she really wanted! This year she has hinted about a mobile phone because she has a cheap pay as you go one that she struggles to use - the text memeory etc is very poor so looking around for good deals for a cheapish but easy to use phone for her


I spend too much on food at christams too - and to be be honest its for me really - to make me feel like I am a good mum producing a great chrsitmas spread - but I can do it for a lot less with a little more effort and I am taking tips and ideas from the OS board and also going to start buying bits over the next few months so it is not a big expense in December


I know there is no one to blame but me for over indulging them (and me) at christamas! But I guess thats what a real light bulb moment is all about!

judi24

Well yesterday I lifted £20 out the bank - I needed cash as my DS goes back to school today and needed bus fare - I am also starting back at fatclub - I know this is an unecessary expense but I need it to get me motivated - I have lost not only my money saving ways over the last few months but Ive also put on weight!!! ( connected??). So £20 - 10 for rejoining club, 2 for busfare and £8 on bits in the local shop!!!!!! I gess I now know wher my money is going - what have i got to show for the £8? milk, juice chocalate and wine!!!! (in my defense there will be no more choclate and wine as I am starting fat club so a last treat!!)


Anyway - spends this month to date are £237 with £212 left!!!! and its onlt the 4th - i have a friend coming to stay at the weekend too so will need to do a mini shop tomorrow for bits for that!!!

ViolaLass

judi24 wrote: »

Well yesterday I lifted £20 out the bank - I needed cash as my DS goes back to school today and needed bus fare - I am also starting back at fatclub - I know this is an unecessary expense but I need it to get me motivated - I have lost not only my money saving ways over the last few months but Ive also put on weight!!! ( connected??). So £20 - 10 for rejoining club, 2 for busfare and £8 on bits in the local shop!!!!!! I gess I now know wher my money is going - what have i got to show for the £8? milk, juice chocalate and wine!!!! (in my defense there will be no more choclate and wine as I am starting fat club so a last treat!!)

So you spent money on losing weight and on treats because you'd spent money on losing weight...

Anyway - spends this month to date are £237 with £212 left!!!! and its onlt the 4th - i have a friend coming to stay at the weekend too so will need to do a mini shop tomorrow for bits for that!!!

Why? Can't your friend eat the food that's already in the house?

judi24

yeah Violalass it does sound like that - I bought wine as i knew it would be the last time I would be having any cos I was going to slimming club! Crazy I know! chocolate was for kids cos I am soft and they were with me asking for it and I had been a hermit for the rest of the weeks and not been in any shops! I need to stop this kind of spending!


For my friends visit I need to get a few bits of fresh stuff to make meals up out of what I have at home - but dont need much to be honest - going to do my menu plan for weekend and next week and only get what I need - estimating £30 at the most

ViolaLass

judi24 wrote: »

yeah Violalass it does sound like that - I bought wine as i knew it would be the last time I would be having any cos I was going to slimming club! Crazy I know! chocolate was for kids cos I am soft and they were with me asking for it and I had been a hermit for the rest of the weeks and not been in any shops! I need to stop this kind of spending!

Indeed. I don't think you've truly had your LBM yet.

judi24

Violalass you may be right but while i am on here and thinking about what I spend hopefully things will move in the right way and I will regain some control over my finances




Well had a great weekend with my friend - I did do a mini shop on Friday and also went to get my eyes tested - the test was free and I havent had one for 2 years and I know my eye sight has deteriorated - I have a health insurance plan and because i am changing jobs I haven't decided if I will continue with it but I wanted to get my new glasses before i moved - however my prescription has changed and I now need varifocals!!! so lenses were much more expensive than in the past - a basic frame and lenses with anti reflective filter (do alot of computer work) came to £189!!! i will get most of that back though!


I have £10 in my purse and want to make it last the week - so menus planned, packed lunch bits all ready and have no plans at all to spend anything this week!